Toyota and Tesla Motors are embarking on a joint electric-car-building project, the companies announced yesterday. The two automakers will form a specialist team that will concentrate on developing electric vehicles, parts, production systems and coordinate engineering support.
To really seal the deal, Toyota is purchasing $50 million of Tesla's common stock directly after the close of Tesla's planned IPO. This partnership is obviously a boon to both companies. Tesla is still a start-up company, so a large investment from an established automaker like Toyota will help them immensely.
Toyota will get the benefit of Tesla's electric car expertise and so-called "venture business spirit." With a commitment to have an all-electric vehicle on the market by 2012, this partnership could help Toyota do so with a splash.
Tesla is also taking over the NUMMI factory in Fremont, CA to build its Model S and other future vehicles. Up until last month, the NUMMI factory was used by Toyota to build its Corolla and Tacoma models.
via Tesla Motors
written by Abhishek, May 21, 2010
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